The article examines the European Multiannual Financial Framework (EMFF ) for the period 2014-2020. This is the medium-term budget that is based on the Europe 2020 strategy. This article offers an in-depth analysis of the expenditure goals divided into categories. Several tables are presented on the multi-annual budget by splitting the data for individual years. The comparison with the data of both the initial proposal of the European Commission and the previous EMFF for the period 2007-2013, indicates a significant budget reduction. The budget reform related to the sources of revenue has been postponed, waiting the results of some research. The findings highlighted the need to restructure spending and review the complex European budget financing system. The expenditure reduction is, however, in contrast with the aim of promoting economic growth.